Market seem to levitate today only to end the day down. I guess you can name a few plausible causes, but the one I look at are the indicators in their respective time frame. It showed that a turn down was at hand by market open, but I guess bullish bets lost out or did they get out?
The ST still points up, but my intra-day analysis of the EW patterns say that we should see continued lower prices on Monday. This is why my emotions sometimes gets me into trouble, when I try to outsmart an indicator. But indicators lag so maybe ... Just maybe the ST is lagging from the whipsaws.
Todays 60min cluster has stayed below our green dotted trend line (it wouldn't mean much if the line wasn't there) but price is respecting that line regardless and failed to close above it. If this is a corrective move then chances are that we have a C-wave down to come. So an impulsive move to the downside is expected. The 1hr chart shows a stochastic in the down-trending phase which should continue next Monday based on our assessment. Only and oversold can accelerate the move giving us the impulsiveness. A=C would land us at the 200 Day MA, but it doesn't mean A=C is the only option as times sometimes show a extended C. But if this extension occurs, it would be harder to read as either a C or a 3rd. We shall remain flexible.
MT: DOWN
ST: UP
PA: NA
Previous analysis of 15 min chart:
EOD 5 min Chart:
60 min Chart:
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